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Movie theater chain Loews Cineplex Entertainment Corp. filed for Chapter 11 bankruptcy Thursday and said it plans to close about 21 movie complexes nationwide, including seven in the Chicago suburbs.
The bankruptcy filing in U.S. Bankruptcy Court in New York came after Loews struck a deal with its largest creditors, including Toronto-based buyout firm Onex Corp., who agreed to convert senior bank debt of about $250 million into an 88 percent equity stake in the troubled, publicly held firm.
Local movie complexes to be shut down are in Bloomingdale, Chicago Ridge, Downers Grove, Evanston, Naperville, Oak Brook and Orland Park.
